Cushman & Wakefield Ltd. · NYSE:CWK
Cushman & Wakefield — Investor Day (December 2025)
94 slides from Cushman & Wakefield's investor day presentation, Dec 4, 2025
Slide 1: Driving Profitable Growth 2025 Investor Day
DRIVING PROFITABLE GROWTH 2025 INVESTOR DAY
Slide 2: Agenda
AGENDA Michelle MacKay Global Chief Executive Officer Michelle MacKay Global Chief Executive Officer DRIVING DATA CENTERS PROFITABLE Deep Dive Ali Greenwood Vice Chair, Global Data Center Advisory GROWTH John McWilliams Head of Data Center Insights Michael Koeller Director, Data Center Advisory, Ame
Slide 3: Cautionary Note on Forward Looking Statements
CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation (and any related oral statements) other than historical facts are forward -looking statements , which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subjec
Slide 4: Non-GAAP Financial Measures and Other Financial Information
NON - GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION This presentation includes the following measures, which are considered “non -GAAP financial measures” under SEC guidelines: i. Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Adjusted EBITD
Slide 5: Non-GAAP Financial Measures and Other Financial Information (Cont.)
NON -GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (CONT.) Adjustments to U.S. GAAP Financial Measures Used to Calculate Non -GAAP Financial Measures During the periods presented in this presentation, we had the following adjustments: Unrealized loss (gain) on investments, net represents n
Slide 6: Driving Profitable Growth
DRIVING PROFITABLE GROWTH Michelle MacKay Global Chief Executive Officer
Slide 7: Reset, Rebuild, Look Forward
LOOK FORWARD RESET al | CUSHMAN a dU WAKEFIELD
Slide 8: Brand and Global Platform
Global Platform a | CUSHMAN & dE WAKEFIELD
Slide 9: Accelerated EPS Growth, Free Cash Flow, Reduced Leverage
Accelerated EPS Growth Substantial Free Cash Flow Continued Reduction In Leverage
Slide 10: Completed Deep, Organizational Shift
Completed Deep, Organizational Shift
Slide 11: Strengthen the Core, Operate with Rigor, Drive Organic Growth
STRENGTHEN OPERATE DRIVE ORGANIC THE CORE WITH RIGOR GROWTH
Slide 12: Strengthen the Core, Operate with Rigor, Drive Organic Growth
STRENGTHEN OPERATE DRIVE ORGANIC THE CORE WITH RIGOR GROWTH
Slide 13: Rebuilding Our Legacy
REBUILDING STRENGTHENED OUR LEGACY Fundamentals STREAMLINED Operations BUILT Systems, Structure and Strategy 13
Slide 14: Fortified Balance Sheet
FORTIFIE D BALANCE SHEET $500M Debt Principal Repaid Over Last 24 Months +250 BPS Lowest Credit Spread in CWK History 1 $50M Annual Cash Interest Expense Savings From Balance Sheet Actions 2 14
Slide 15: Strengthen the Core, Operate with Rigor, Drive Organic Growth
STRENGTHEN OPERATE DRIVE ORGANIC THE CORE WITH RIGOR GROWTH
Slide 16: Redefined Our Operating Model
REDEFINED DE - SILOED OUR OPERATING Organization to flatten structure and better align teams MODEL INCREASED Connectivity Across Groups DATA - DRIVEN Decision making and accountability 16
Slide 17: Driving Operational Excellence
DRIVING OPERATIONAL +~ 90% Free Cash Flow ( 2025E vs. 2023) 3 EXCELLENCE 520 bps Reduction in Voluntary Turnover vs 2023 4 ~$100M Reduction in adjustments to earnings vs. 2023 5 17
Slide 18: Strengthen the Core, Operate with Rigor, Drive Organic Growth
STRENGTHEN OPERATE DRIVE ORGANIC THE CORE WITH RIGOR GROWTH
Slide 19: Powered by an Enhanced Operating Platform
POWERED BY AN ENHANCED FUTURE - FACING OPERATING PLATFORM CLIENT - CENTRIC DATA - DRIVEN 19
Slide 20: Returned to Growth
RETURNED TO GROWTH 8 Straight Quarters of YoY Leasing Fee Revenue Growth 6 +20% YoY YTD Q3’25 Capital Markets Fee Revenue Growth 7 5% -7% 2025E Organic Services Fee Revenue Growth 8 20
Slide 21: Scaling Our Momentum
SCALING OUR MOMENTUM Stable Core Customer - Capturing CWK IS And Rigorous Disciplined Operating centric Market - led Investment POSITIONED Expansion Opportunities Model TO WIN 21
Slide 22: Win in High-Growth Areas
WIN IN HIGH - GROWTH AREAS DATA CENTERS GLOBAL & OTHER HIGHER VALUE MULTI - MARKET INSTITUTIONAL HIGH - GROWTH TECHNICAL LEASING CAPITAL MARKETS ASSET CLASSES SERVICES 22
Slide 23: Expand and Retain Client Relationships to Elevate Engagement
EXPAND AND RETAIN CLIENT RELATIONSHIPS TO ELEVATE ENGAGEMENT 200% Cross - Sell Fee Revenue Growth 96% Services Client Retention Target by 2028 Target by 2028 CLIENT - first Culture One More Service CLIENT Trust One More Connection CLIENT - friendly Tech 23
Slide 24: Our opportunity is undeniable, the path is clear.
Our opportunity is undeniable, the path is clear. Our model aligns client success with our success. Compelling financial outcomes powered by organic growth.
Slide 25: Transforming Our Operating Model
TRANSFORMING OUR OPERATING MODEL Andrew McDonald Global President & Chief Operating Officer
Slide 26: Complexity Driving Opportunity
COMPLEXITY DRIVING OPPORTUNITY EXTERNAL ENVIRONMENT Demographic Environmental Tech & AI Workforce Supply Chain Shifts Pressures Acceleration Shifts Volatility INDUSTRY ENVIRONMENT Shifts in Diversification Asset Regulatory Emerging Outsourcing of Capital Complexity Complexity Markets TOP INSTITUTION
Slide 27: Creating a Next Generation Client Experience
CREATING A NEXT GENERATION CLIENT EXPERIENCE 01 02 03 04 05Real Time Full Strength Agile Consistent Integrated Global Delivery Access to of C WK Partnership Solutions Data & Insights Access to the Able to flex O ne reliable Seamless Decision making full power of and adapt as standard of multi -disci
Slide 28: The Value of a Connected Platform
THE VALUE OF A CONNECTED PLATFORM BENEFIT CWK IMPACT ▪ Full strength of C WK ✓ Expands relationships OUR ▪ Integrated solutions ✓ Strengthens retention CLIENTS ▪ Faster time to insights ✓ Increases win rate ▪ Access to better data, ✓ Creates a talent advantage OUR tools and expert talent ✓ Improves
Slide 29: Accelerating Our Transformation Journey
ACCELERATING OUR TRANSFORMATION JOURNEY FROM NOW TO Fragmented & Local Scaled & Aligned Digitally Enabled, Fully Interconnected 60% transitioned Target completion: 2028 REGION REGION REGION GLOBAL Global GLOBAL REGION REGION REGION ▪ Local, market -by -market delivery ▪ Global alignment across regio
Slide 30: Progress to Date
PROGRESS TO DATE DELIVERY ~70% ~30% ~70% of fee revenue under increase in advisor productivity of our tech enabled people digital transformation in the Americas 2 have AI - powered experiences STRUCTURE 3/3 100% ~40% geographic regions of functional support of advisory support restructured centraliz
Slide 31: The Potential of Platform Transformation
THE POTENTIAL OF PLATFORM TRANSFORMATION CLIENT CLIENT WIN RATE PRODUCTIVITY EXPANSION RETENTION +10% +5% +10% +10% Increase in Services Improvement in Increase in win rate Gain in advisor client expansion Services client retention on large contracts productivity could result in could result in coul
Slide 32: Transforming Our Operating Model
TRANSFORMING OUR OPERATING MODEL Sal Companieh Chief Digital & Information Officer
Slide 33: Digital Transformation Methodology
DIGITAL TRANSFORMATION METHODOLOGY GLOBAL DIGITAL UPSKILLING CO - CREATION WITH ADVISOR AGILE BUSINESS PARTNERS CENTRIC DEVELOPMENT ENTERPRISE DATA LAKE 33
Slide 34: Co-Creation Process
CO - CREATION PROCESS Critical success factor for flywheel effect of delivering in partnership with business on transformational technology and data products is understanding key roles and responsibilities across the organization. Our Business Partners 3. 4. Refine Define 2. 5. Prioritize Design & D
Slide 35: Co-Creation in Action
CO - CREATION IN ACTION FROM TO 30+ Siloed Data Sources TM and Digital Experiences 35
Slide 36: Laying Our Foundation
LAYING OUR FOUNDATION Reimagined Advisor Experience + Global Data Property Data Capital Lease Workforce Location Spend OneCap TM OneAdvise PRODUCTS Planet Edge Planning Intelligence Planning Intelligence Intelligence Business Data Gov Data Science AI Data Intelligence Tools (ML/Stats/Predictive) (Ag
Slide 37: Purpose Built Ecosystem
PURPOSE BUILT ECOSYSTEM THOUGHT SAAS DATA LEADERSHIP 37
Slide 38: A Platform That Performs for All Stakeholders
A PLATFORM THAT PERFORMS FOR ALL STAKEHOLDERS Clients are We are mid -way Our technology operating in a through a and AI strategy more complex transformation to will accelerate environment build a one -of -a - implementation kind platform
Slide 39: Leasing: Expanding from a Position of Strength
LEASING EXPANDING FROM A POSITION OF STRENGTH Brad Kreiger Co -Chief Executive Officer , Americas
Slide 40: Diversified and Growing
DIVERSIFIED AND GROWING 8 CONSECUTIVE QUARTERS 2 OF YoY LEASING FEE REVENUE GROWTH $2.1B 2025 Leasing Fee Revenue ($M) ~660 3 IN FEE REVENUE 1 623 2024 2023 587 538 493 FEE REVENUE 487 BY REGION 1 450 436 80% 412 442 11% 9% 382 363 Americas APA C EMEA Q1 Q2 Q3 Q4 TOP 10 CLIENTS REPRESENT ONLY ~6% OF
Slide 41: Tailwinds & Challenges Both Drive Demand for Leasing Advisory
TAILWINDS & CHALLENGES BOTH DRIVE DEMAND FOR LEASING ADVISORY LEASING DEMAND TAILWINDS COMPLEXITIES FOR TENANTS MORE OFFICE - USING JOBS 3 million more office jobs today than in 2020 4 SIZING OFFICE DEMAND ACCELERATED "RETURN TO OFFICE" Class A+ office occupancy on peak days 90% 5 COMPETING PRESSURE
Slide 42: CWK Is a Leasing Powerhouse
CWK IS A LEASING POWERHOUSE 20,000+ Leasing Transactions Per Year Across the United States Less More Concentrated Concentrated 42
Slide 43: Our Opportunity: Leading with Advisory
OUR OPPORTUNITY: LEADING WITH ADVISORY 43
Slide 44: Growing Single Transaction Clients into Multi-Market Accounts
GROWING SINGLE TRANSACTION CLIENTS INTO MULTI - MARKET ACCOUNTS 2024 9 200 THE OPPORTUNITY Rising activity in 100,000+ SQ FT # OF 100k+ SQ FT DEALS IN AMERICA transactions among mid -sized firms 150 seeking more sophisticated advisory. Over 50% of our current occupier leasing 100 revenue comes from
Slide 45: Shared Resourcing Pools to Enhance Delivery of Complex Transactions
SHARED RESOURCING POOLS TO ENHANCE DELIVERY OF COMPLEX TRANSACTIONS FROM NOW Fragmented & Local Scaled & Aligned FRAGMENTED CAPABILITY IN ADVISORY SHARED RESOURCING Consulting Team Team 1 1 Financial Analysis Team Outsourcing Team 2 2 Transaction Team Management Team 3 3 ~1,700 c entralized roles to
Slide 46: Aligned Around Clients' Specific Needs
ALIGNED AROUND CLIENTS' SPECIFIC NEEDS ILLUSTRATIVE SECTORS C AL ADVISOR LO Y LEGAL N T SEGMEN LIE TS C TECH SPECIALIZED AUTOMOTIVE/EV DATA/AI EXPERTISE MANUFACTURING & LOGISTICS ADVISORS, ACCOUNT MANAGERS, BEST BANKING PRACTICES 46
Slide 47: Examples of Moving Towards Multi-Market, Multi-Service Transaction Wins
EXAMPLES OF MOVING TOWARDS MULTI - MARKET, MULTI - SERVICE TRANSACTION WINS 235 locations 50 locations 1.7MSF portfolio Won North America transaction Won transaction management Won tenant representation and lease management portfolio through services across its 1.7 MSF office and administration serv
Slide 48: Leasing Growth Priorities
LEASING GROWTH PRIORITIES Transform operating Scale coverage Evolve single - model to drive client and capabilities into transaction clients into outcomes and mid -size enterprises portfolio mandates advisor productivity 48
Slide 49: Capital Markets: Unlocking New Growth Opportunities
CAPITAL MARKETS UNLOCKING NEW GROWTH OPPORTUNITIES Michelle Miles Abby MacKay Treaster Corbett Global Chief President, Americas Global Head of Executive Officer Capital Markets Investor Insights
Slide 50: Significant Opportunity in Cyclically Expanding Market
SIGNIFICANT OPPORTUNITY IN CYCLICALLY EXPANDING MARKET INSTITUTIONAL CAPITAL MARKETS FOCUSED INVESTMENT STRATEGY PRESENTS CLEAR OPPORTUNITY & GROWTH PRIORITIES ~$500 BN >3X Annual Institutional AGR 5 ,6 of Institutionally focused Brokered Volume 1 hires in 2025 YTD vs. 2024 + 53 % +88% 2025E Institu
Slide 51: Capital Market Growth Priorities
CAPITAL MARKET GROWTH PRIORITIES Increase cross - Fill gaps in key Globalize our platform collaboration between gateway cities to match to improve client Capital Markets and institutional demand by intelligence and drive the full Cushman & location and asset class consistent delivery Wakefield platf
Slide 52: Data Centers Deep Dive
DATA CENTERS DEEP DIVE Ali Greenwood Vice Chair, Global Data Center Advisory
Slide 53: Unprecedented Data Center Growth and Demand
UNPRECEDENTED DATA CENTER GROWTH AND DEMAND ~$6.7T INCREASE IN TOTAL GIGAWATT CAPACITY 2 ~$6.7T Expected Global Data Center 1 Capex Spend by 2030 AMERICAS EMEA ~70% 4 .6X 2.4X APAC 2.3X 2 Pre -leasing In Market <2.5%Vacancy, for Product 3 Delivery 3.5 Years From Now 53
Slide 54: Life Cycle of a Data Center
LIFE CYCLE OF A DATA CENTER CAPITALIZATION SITE SELECTION DEVELOPMENT OPERATE & MANAGE TRANSACTIONS Landowners Investors Developers Operators Enterprise Co -location Hyperscalers AI/Neo Cloud ▪ Market Research ▪ Project & Development Services ▪ Property Management ▪ Capital Markets ▪ Feasibility stu
Slide 55: Data Centers Future Growth Priorities
DATA CENTERS FUTURE GROWTH PRIORITIES Hire right people Build capacity across Leverage our global to meet moment key service lines platform to scale and market 55
Slide 56: Data Centers Deep Dive
Michelle Ali MacKay Greenwood DATA Global Chief Vice Chair, Global Data Executive Officer Center Advisory CENTERS John McWilliams Michael Koeller DEEP DIVE Head of Data Director, Data Center Advisory, Center Insights Americas
Slide 57: Moving Up the Services Value Chain
Andrew Marla McDonald Maloney Global President & Co -Chief Executive Officer , Chief Operating Officer Americas MOVING UP THE SERVICES Mia Mends Aubrey Waddell VALUE CHAIN Chief Executive Officer, Chief Executive Officer, C&W Services Global Occupier Services
Slide 58: Comprehensive Suite of Services, Organized by Client Type
COMPREHENSIVE SUITE OF SERVICES, ORGANIZED BY CLIENT TYPE INVESTORS OCCUPIERS Property Facilities Project Management Management Management Project Day - to - day Bundled services for Planning, design and construction management Management management of real large multi - national estate on behalf of
Slide 59: Common Characteristics Driving Shareholder Value
COMMON CHARACTERISTICS DRIVING SHAREHOLDER VALUE High proportion of Majority multi -year Large addressable recurring revenue contracts market $400B+ TAM 4 Consistent cash High barriers Significant opportunities generation to entry for self performance 59
Slide 60: Successfully Transforming the Platform
SUCCESSFULLY TRANSFORMING THE PLATFORM ASSESS REBUILD ACCELERATE 3% (1%) 6% YoY Services Organic Fee YoY Services Organic Fee YoY Services Organic Fee Revenue Growth 5 Revenue Growth 5 Revenue Growth 5,6 2023 2024 2025E 60
Slide 61: Moving Up the Value Chain
MOVING UP THE VALUE CHAIN Facilities Project Facilities Property Services Management Management Management ▪ Grow production ▪ Focus on specialized ▪ Gain market ▪ Adding scope and maintenance and sectors & services share in technical geographies with engineering end markets existing clients ▪ Grow
Slide 62: Financial Priorities & 3-Year Outlook
FINANCIAL PRIORITIES & 3 -YEAR OUTLOOK Neil Johnston Global Chief Financial Officer
Slide 63: Strong Platform in an Attractive Market
STRONG COMPELLING WELL - PLATFORM IN 3 -YEAR POSITIONED AN ATTRACTIVE FINANCIAL FOR PROFITABLE MARKET FRAMEWORK GROWTH 63
Slide 64: Strong Platform in an Attractive Market
STRONG COMPELLING WELL - PLATFORM IN 3 -YEAR POSITIONED AN ATTRACTIVE FINANCIAL FOR PROFITABLE MARKET FRAMEWORK GROWTH 64
Slide 65: Tremendous Progress Since 2023
TREMENDOUS PROGRESS SINCE 2023 ADJUSTED EPS 1,2 FREE CASH FLOW NET DEBT LEVERAGE CONVERSION 1 20% ~20pp+ Down CAGR Improvement >1x $1.18-1.23 ± 70% 4.3x ~3.2x 53% $0.84 2023 2025E 2023 2025E 2023 2025E 65
Slide 66: Fully Integrating Our Global Platform
FULLY INTEGRATING OUR GLOBAL PLATFORM SERVICE % OF TYPE KEY Scaled platform that LINE FEE REVENUE 3 OF REVENUE ATTRIBUTES drives profitable growth Consistent Services 51% Stable Cash Flow Balanced portfolio Leasing 30% Re - occurring of businesses High Margin Growth Capital Markets 12% Transactional
Slide 67: Re-Tooled Services Engine for Growth
RE -TOOLED SERVICES ENGINE FOR GROWTH ORGANIC SERVICES 4 ,5 STRATEGIC FEE REV ENUE GROWTH RATE PRIORITIES 6% EXPECTED GROWTH IN 2025 6 Move Up the Value Chain +7% +6% Improve Client Retention and Scope +4% Win New Clients Increase Operating +1% Leverage Q4 2024 Q1 2025 Q2 2025 Q3 2025 67
Slide 68: Leading Global Leasing Platform
LEADING GLOBAL LEASING PLATFORM LEASING FEE REVENUE STRATEGIC Leasing Fee Revenue Growth PRIORITIES 7-8 % EXPECTED GROWTH IN 2025 7 ~$2.1B 8 Gain Market Share In All Major Asset Classes $1.95B $1.83B Leverage Platform to Bring Unmatched Insights to Clients Drive Larger Mandates Through Enterprise Re
Slide 69: Unlocking New Capital Markets Growth
UNLOCKING NEW CAPITAL MARKETS GROWTH CAPITAL MARKETS REVENUE STRATEGIC Capital Markets Revenue Growth PRIORITIES 14-18% EXPECTED GROWTH IN 2025 9 $820M - Capture Global Institutional $850M 9 Capital Growth $ 722 M $ 695 M Invest and Grow Top -tier Talent Enhance and Globalize OneCap TM Proprietary S
Slide 70: Data-Driven Valuation Opportunities
DATA - DRIVEN VALUATION OPPORTUNITIES VALUATION FEE REVENUE STRATEGIC GROWTH 10 PRIORITIES Move From Appraisers 6% to Advisors Data Driven Intelligence Deep Sector Knowledge at Scale Diversify 1% Revenue Base 2024 Q3'2025 YTD 70
Slide 71: Strong Platform in an Attractive Market
STRONG COMPELLING WELL - PLATFORM IN 3 -YEAR POSITIONED AN ATTRACTIVE FINANCIAL FOR PROFITABLE MARKET FRAMEWORK GROWTH 71
Slide 72: 3-Year Value Creation Framework
3 -YEAR VALUE CREATION FRAMEWORK FY26 - 28 TARGETS 6 - 8% 60 - 80% 15- 20% Fee FCF Revenue Growth Conversion 11 +150 2x Annual Adjusted EPS Growth bps Adjusted EBITDA 2028 Net Debt Margin by 2028 Leverage 12 72
Slide 73: Driving a Step Change in Our Revenue Trajectory
DRIVING A STEP CHANGE IN OUR REVENUE TRAJECTORY Leverage Global Platform to Win New Business Retain and Expand Existing Client Relationships 6 - 8% 2026E -2028E Fee Revenue Capture High - growth Asset Classes 73
Slide 74: Delivering Sustained Margin Expansion
DELIVERING SUSTAINED MARGIN EXPANSION ADJ. EBITDA MARGIN REVENUE RIGHT -SIZED FUTURE LEVERS PLATFORM EFFICIENCIES +150bps Targeted Adjusted ▪ Leveraging scale ▪ ~$400M in cost ▪ Driving higher EBITDA Margin across our platform takeout since 2021 revenue per producer Improvement ▪ Moving up value cha
Slide 75: Consistent Progress Towards Leverage Target
CONSISTENT PROGRESS TOWARDS LEVERAGE TARGET 2x 4.3x 3.8x 3.2x 14 2x Net Debt Leverage Ratio 13 Debt Paydown Net Debt Leverage $300M Target with aspirations for $200M Investment $0 Grade Rating 2023 2024 2025 2028 75
Slide 76: Multiple Levers of Financial Model Powering Adjusted EPS Growth
MULTIPLE LEVERS OF FINANCIAL MODEL POWERING ADJUSTED EPS GROWTH Adj. EBITDA LOWER COST FEE REVENUE GROWTH MARGIN EXPANSION OF DEBT 15-20% 6 - 8% +150bps Adj. EPS CAGR GROWTH by 2028 Debt Paydown 8% Adj. EBITDA Adj . EPS Margin Growth GROWTH Moving Up the Services Value Chain Expanding Into Underserv
Slide 77: Strong Platform in an Attractive Market
STRONG COMPELLING WELL - PLATFORM IN 3 -YEAR POSITIONED AN ATTRACTIVE FINANCIAL FOR PROFITABLE MARKET FRAMEWORK GROWTH 77
Slide 78: Strong Free Cash Flow Reinforcing Financial Framework
STRONG FREE CASH FLOW REINFORCING FINANCIAL FRAMEWORK GROWTH TARGETS TRANSLATE TO 60 - 80% FREE CASH FLOW ~$800M CONVERSION TARGET 15 IN CUMULATIVE FREE CASH FLOW 2026 -2028 78
Slide 79: Deliberate Capital Allocation Accelerating Shareholder Value Creation
DELIBERATE CAPITAL ALLOCATION ACCELERATING SHAREHOLDER VALUE CREATION DELEVERAGING ORGANIC GROWTH ACCELERATOR CAPITAL DEBT ADVISORY SERVICES DATA DRIVEN ACCRETIVE ALLOCATION PAYDOWN RECRUITING CAPABILITIES INSIGHTS TUCK -IN M&A MODEL 79
Slide 80: Our opportunity is undeniable, the path is clear.
Our opportunity is undeniable, the path is clear. Our model aligns client success with our success. Compelling financial outcomes powered by organic growth.
Slide 81: Cushman & Wakefield
CUSHMAN & WAKEFIELD
Slide 82: Appendix: Footnotes
APPENDIX FOOTNOTES | | CUSHMAN & dE WAKEFIELD
Slide 83: Notes on Driving Profitable Growth
NOTES ON DRIVING PROFITABLE GROWTH Slide 14 - Fortified Balance Sheet 1. Reflects spread above SOFR on Term Loan, Due January 2030 Tranche -1 2. Annualized cash interest savings resulting from actions taken in last 24 months Slide 17 - Driving Operational Excellence 3. Reflects midpoints of implied
Slide 84: Notes on Transforming Our Operating Model
NOTES ON TRANSFORMING OUR OPERATING MODEL Slide 26 - Complexity Driving Opportunity 1. Figures shown illustratively for typical CWK client Slide 30 - Progress to Date 2. Comparison timeframe 2025 Forecast vs. 2023 3. Comparison timeframe 2025 vs. 2023 4. Employee engagement survey 2024 vs. 2022 5. 1
Slide 85: Notes on Expanding from a Position of Strength
NOTES ON EXPANDING FROM A POSITION OF STRENGTH Slide 40 - Diversified and Growing 1. Trailing twelve month Fee Revenue as of Q3’25 2. Q4’23 improved $29M vs. Q4’22 (Not shown in graph) 3. Implied midpoint of FY’25 guidance provided on Q3’25 earnings call Slide 41 - Tailwinds & Challenges Both Drive
Slide 86: Notes on Unlocking New Growth Opportunities
NOTES ON UNLOCKING NEW GROWTH OPPORTUNITIES Slide 50 - Significant Opportunity In Cyclically Expanding Market 1. MSCI Real Capital Analytics, Cushman & Wakefield Research, based on average since 2021 2. Preqin, Cushman & Wakefield Research, Annualized through October, 2025 3. MSCI Real Capital Analy
Slide 87: Notes on Data Centers Deep Dive
NOTES ON DATA CENTERS DEEP DIVE Slide 53 - Unprecedented Data Center Growth and Demand 1. “The Data Center Dividend.” McKinsey & Company, October 7, 2025. https://www.mckinsey.com/featured - insights/week - in - charts/the - d ata - center - dividend. 2. Cushman & Wakefield Data Center Research & An
Slide 88: Notes on Moving Up the Services Value Chain
NOTES ON MOVING UP THE SERVICES VALUE CHAIN Slide 58 - Comprehensive suite of services, organized by client type 1. As of Year End, 2024 2. Trailing twelve months Services revenue as of Q3’25 3. As of 9.30.25 Slide 59 - Common characteristics driving shareholder value 4. Frost & Sullivan, Global Fac
Slide 89: Notes on Financial Priorities & 3-Year Outlook
NOTES ON FINANCIAL PRIORITIES & 3 -YEAR OUTLOOK Slide 65 - Tremendous Progress Since 2023 Slide 69 - Unlocking New Capital Markets Growth 1. Growth reflects midpoint of 2025 guidance provided on Q3’25 earnings call 9. Reflects 2025 guidance provided on Q3’25 earnings call 2. EPS dollar amounts refle
Slide 90: Reconciliations of GAAP to Non-GAAP Measures
APPENDIX RECONCILIATIONS OF GAAP TO NON - GAAP MEASURES
Slide 91: Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 1 Twelve Months Ended Twelve Months Ended (in millions) (unaudited) December 31, 2024 December 31, 2023 Revenue: Services $3,480.1 $3,573.0 Leasing 1,947.5 1,826.7 Capital markets 721.8 695.0 Valuation and other 439.8
Slide 92: Net Debt and Leverage
NET DEBT AND LEVERAGE 1 Twelve Months Ended Twelve Months Ended (USD $m, unless otherwise indicated) (unaudited) December 31, 2024 December 31, 2023 Term Loans 2 $1,960.2 $2,157.7 2028 Senior Secured Notes 3 645.1 643.7 2031 Senior Secured Notes 4 394.2 393.3 Total Debt $2,999.5 $3,194.7 Less: Cash
Slide 93: Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted EPS
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE 1 Twelve Months Ended Twelve Months Ended (in millions) (unaudited) December 31, 2024 December 31, 2023 Net income (loss) $131.3 $(35.4) Adjustments: Merger and acquisition related depreciation and amortizatio
Slide 94: Reconciliation of Operating Cash Flow to Free Cash Flow and Conversion
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW AND FREE CASH FLOW CONVERSION 1 Twelve Months Ended (in millions) (unaudited) December 31, 2023 Net cash provided by operating activities $152.2 Payment for property and equipment (51.0) Free cash flow $101.2 Adjusted net